Venture Contract Lighting Limited - Period Ending 2017-08-31

Registration number: 01150025

Venture Contract Lighting Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2017

Venture Contract Lighting Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 9

Venture Contract Lighting Limited

Company Information

Directors

Mr Neil David Pettit Mr Peter Stuart Jackson

Company secretary

Mr Peter Stuart Jackson

Registered office

59 Abbeygate Street Bury St Edmunds Suffolk IP33 1LB

Accountants

Jacobs Allen Limited Chartered Accountants & Chartered Tax Advisers 59 Abbeygate Street Bury St Edmunds Suffolk IP33 1LB

Page 1

Venture Contract Lighting Limited

(Registration number: 01150025)
Balance Sheet as at 31 August 2017

	Note	2017 £	(As restated) 2016 £
Fixed assets
Tangible assets	3	45,913	53,789
Investment property	4	1,238,001	1,046,767
		1,283,914	1,100,556
Current assets
Debtors	5	956	1,900
Cash at bank and in hand		58,938	100,932
		59,894	102,832
Creditors: Amounts falling due within one year	6	(125,226)	(516,696)
Net current liabilities		(65,332)	(413,864)
Total assets less current liabilities		1,218,582	686,692
Provisions for liabilities		(64,473)	(39,506)
Net assets		1,154,109	647,186
Capital and reserves
Called up share capital		4	4
Profit and loss account		1,154,105	647,182
Total equity		1,154,109	647,186

For the financial year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 2

Venture Contract Lighting Limited

(Registration number: 01150025)
Balance Sheet as at 31 August 2017

Approved and authorised by the Board on 9 May 2018 and signed on its behalf by:
 

.........................................

Mr Neil David Pettit

Director

.........................................

Mr Peter Stuart Jackson

Director

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 3

Venture Contract Lighting Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
59 Abbeygate Street
Bury St Edmunds
Suffolk
IP33 1LB
United Kingdom

The principal place of business is:
Four Winds, Wash Lane
Wickhambrook
Newmarket
Suffolk
CB8 8XQ

These financial statements were authorised for issue by the Board on 9 May 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The balance sheet shows an excess of current liabilities over current assets, however, of the year-end liabilities, a total of £100,000 (2016 - £508,080) relates to a loan (2016 - loans) repayable on demand to a director (2016 - the directors and a related party) who has confirmed repayment will not be sought in the short-term unless cash flow permits. The financial statements have therefore been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of the letting of property. Turnover is shown net of value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Page 4

Venture Contract Lighting Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. As disclosed in the transition to FRS 102 note, this now includes the recognition of tax on investment property revaluation surpluses.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	15% per year on the reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. Observable market prices are used in determining fair values, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are now recognised in profit or loss, as disclosed in the transition to FRS 102 note.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Page 5

Venture Contract Lighting Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 September 2016	63,663	63,663
Additions	225	225
At 31 August 2017	63,888	63,888
Depreciation
At 1 September 2016	9,874	9,874
Charge for the year	8,101	8,101
At 31 August 2017	17,975	17,975
Carrying amount
At 31 August 2017	45,913	45,913
At 31 August 2016	53,789	53,789

4	Investment properties

	2017 £
At 1 September	1,046,767
Additions	1,151
Fair value adjustments	190,083
At 31 August	1,238,001

Investment property is valued at its market value as estimated by the directors.

There has been no valuation of investment property by an independent valuer.

5

Debtors

	2017 £	2016 £
Other debtors	956	1,900
	956	1,900

Page 6

Venture Contract Lighting Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

6

Creditors

Creditors: amounts falling due within one year

	Note	2017 £	2016 £
Due within one year
Other loans		100,000	440,000
Trade creditors		180	198
Taxation and social security		12,893	342
Accruals and deferred income		12,153	76,156
		125,226	516,696

7	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary shares of £1 each	4	4	4	4

8	Transition to FRS 102

In accordance with FRS 102, changes in the fair values of investment properties are now recognised through the profit and loss account rather than being shown as movements on a revaluation reserve. The policy for deferred tax has also changed following the adoption of FRS 102 so that provision is now made for tax on investment properties revaluation surpluses with the related charges being made to the profit and loss account. The opening reserves have been reduced by £30,594 in respect of the additional deferred tax provision. The effects of these changes on the prior year's balance sheet and profit and loss account are disclosed in the following tables. The comparative figures in these financial statements have been restated accordingly.

Page 7

Venture Contract Lighting Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

Balance Sheet at 1 September 2015
 

	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets	10,719	-	-	10,719
Investment property	967,219	-	-	967,219
	977,938	-	-	977,938
Current assets
Debtors	160	-	-	160
Cash at bank and in hand	111,672	-	-	111,672
	111,832	-	-	111,832
Creditors: Amounts falling due within one year	(104,323)	-	-	(104,323)
Net current assets	7,509	-	-	7,509
Total assets less current liabilities	985,447	-	-	985,447
Creditors: Amounts falling due after more than one year	(480,000)	-	-	(480,000)
Provisions for liabilities	(2,804)	-	(1,660)	(4,464)
Net assets/(liabilities)	502,643	-	(1,660)	500,983
Capital and reserves
Called up share capital	4	-	-	4
Revaluation reserve	193,561	(193,561)	-	-
Profit and loss account	309,078	193,561	(1,660)	500,979
Total equity	502,643	-	(1,660)	500,983

Page 8

Venture Contract Lighting Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

Balance Sheet at 31 August 2016
 

	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets	53,790	-	-	53,790
Investment property	1,046,766	-	-	1,046,766
	1,100,556	-	-	1,100,556
Current assets
Debtors	1,900	-	-	1,900
Cash at bank and in hand	100,932	-	-	100,932
	102,832	-	-	102,832
Creditors: Amounts falling due within one year	(516,696)	-	-	(516,696)
Net current liabilities	(413,864)	-	-	(413,864)
Total assets less current liabilities	686,692	-	-	686,692
Provisions for liabilities	(8,912)	-	(30,594)	(39,506)
Net assets/(liabilities)	677,780	-	(30,594)	647,186
Capital and reserves
Called up share capital	4	-	-	4
Revaluation reserve	323,638	(323,638)	-	-
Profit and loss account	354,138	323,638	(30,594)	647,182
Total equity	677,780	-	(30,594)	647,186

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